Location: Elk County, PA | Metro: Elk County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
U.S. Census Bureau data (2024)
The ZIP code 15831 presents a unique market dynamic that is indicative of a region where housing pressures are likely to persist. With a Fair Market Rent (FMR) set at $1,360 for the fiscal year 2026, this figure serves as a benchmark for rental prices within the area, reflecting the government's assessment of what constitutes a reasonable cost for renting a modest apartment or house.
The absence of data on market rent, price-cut share, days on market (DOM), and median home value suggests either a lack of significant activity in these areas or a smaller dataset from which to draw conclusions. However, the 70.0% renter share paints a vivid picture of a community heavily reliant on rentals. This high percentage of renters points towards a persistent long-term housing pressure, as a large portion of residents cannot afford to purchase homes. Consequently, landlords and small-portfolio investors have a substantial market to serve.
In such a market, it is plausible to infer that demand for rental properties might outpace supply, given the significant number of renters. The high renter share could be due to several factors including affordability issues, transient populations, or a preference for renting over buying. Regardless of the cause, the implication is clear: landlords in ZIP 15831 can expect a steady demand for their properties, although they must remain competitive with the FMR to attract tenants.
While the exact trajectory of rental prices and property values is unclear without historical data, the current snapshot suggests an environment where rental properties are essential and in high demand. For investors looking to enter or expand within this ZIP code, focusing on quality rental units that meet or slightly exceed the FMR could be a strategic approach. The reliance on rentals indicates a stable but potentially tight market, making it a viable option for those seeking consistent income streams through property investments.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.